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KING STURGE SCORES £191m BRACE OF STUDENT PROPERTY DEALS

Bristol-based team secures two multi-million pound deals in same month

Bristol-based specialists at international property consultants King Sturge have just completed almost £200 million of student accommodation deals within a month.

During August, the firm‘s 15-strong UK student housing team, which is based in its Bristol office, acted on two deals worth a total of £191 million.

Both transactions involve fund manager Liberty Living, the first being the £152 million acquisition of student properties from Unite Group. King Sturge acted for Liberty Living in the deal, which involved 3,180 beds in nine purpose-built student halls in Southampton, Cardiff, Preston and Stoke.

King Sturge also acted for City University in London, in a £39 million deal which involved Liberty Living acquiring two student residences. The deal, involving 541 student beds in Islington, is the first in a two phase disposal at the university.

Philip Hillman, national head of King Sturge‘s student accommodation group, said the team was also involved in a strategic review of property currently being carried out by Bristol University, as well as the re-development of several on-campus residences at Exeter University.

“The £152 million acquisition from Unite Group is the second largest deal in the UK student sector in the past five years, the largest being the £190 million sale on behalf of Moorfield in 2006, on which we also worked,” he commented.

“These deals reinforce the fact that student accommodation is proving its resilience in times of financial turbulence. It has become a recognised asset class in its own right and is continuing to out-perform most traditional property assets.

“University admissions are set to keep rising but at the same time, students are becoming more discerning about where they live. Likewise, universities are keen to attract revenue and provide the right kind of student living experience.”

ENDS             8th September 2008

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349 011 or email neil@sturgessvandamme.co.uk